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.s. but the old bugaboo, inflation and ben bernanke, will the fed reduce the balance sheet and get rates to more normal levels in my lifetime? >> hopefully you will live a long time, larry, so yes. unfortunately i have never seen the fed or bernanke articulate how to downsize the balance sheet. i haven't seen a plan out there to say, this is how we can do it. they are owns and backing these mosh mortgage-backed securities now and they will weigh reducing the balance sheet with propping up the housing market. we may see another republican revolution and a cut-back on the huge obama taxes on hedge funds, bank pay, small businesses and letting the bush tax cuts expire, i am not confident that bernanke has a plan to deleverage and 2.7% year-over-year growth in the cpi isn't scary, but it's not comforting either. >> you have cut back on your equity allocation, is that right, mike? >> yes, i am. i'm pretty much now at about 20%. jim points out the strong growth in corporate profits. a lot of it is from cutting overhead, cutting employees, but some junk bonds are attractive now for the companies that w
, fed chairman ben bernanke has returned to capitol hill this morning. and investors are looking for more clues on the central bank's next move. and the markets at this hour have u.s. equity futures under a bit of pressure after yesterday's rebound as "squawk box" begins right now. >> welcome to "squawk box" right here on cnbc. i'm becky quick along with joe kernen at the cnbc world headquarters. carl is in washington this morning where president obama is hosting a televised health care summit. we'll have more from carl on that story. but joe, that's not the only news in washington today. >> no, it's not. we may pipe in that music with carl down there and he'll be looking good. he'll have his jacket on. >> he always looks good. >> yes, he does. also in washington, carl is there, but also this other guys that's going to show up. that's not really what all the scuttlebutt is going to be about down there. it's about carl. but ben bernanke will come back and testify on the hill today. yesterday he pledged to continue record low interest rates for, in his words, an extended period. >>
, you have three big concerns. bernanke's confirmation, slowing china growth and obama slapping the banks around in the aftermath of the massachusetts miracle. i think investors have really focused upon those things and have used those skuexcuses to t profit. >> you don't seem to think things are over. we're due for a pullback and maybe the bull market continues? >> you look at fourth quarter earnings right now and i guess we're about halfway through the season. two-thirds of the company have beaten on revenues. you have consensus earnings for s&p that have now moved up to $76 a share. that puts multiple of a 14 times forward earnings. you have core inflation below 2% year over year. 3.6% treasury yield. multiples are too low. you'll see more corporate earnings improvements and stocks will go higher. >> massachusetts miracle? massachusetts disaster maybe. massachusetts tragedy maybe. >> depends on your point of view. >> i guess it does. i want to get that other side in. >> why are you looking at me? phil is the guest. >> i'm sorry. >> jay, what do you think of that scenario? thi
a big eye there. let's get a check on wall street where fed chairman ben bernanke is making investments nervous. sfoks are down after bernanke outlined the ways fed can pull back on the $1 trillion being used to prop up the economy. today's house financial services commity hearing was postponed because of the snow in d.c. the fed decided to release bernanke's prepared remarks anyway. so we are going the keep our eye on how the markets respond there throughout the day. you can see as we stand still above the 10,000 mark but down 37 points on the day. stocks are low on fears any move by the fed to pull out money from the financial system could hurt the recovery. >>> the sex scandal surrounding john edwards is back in the news. today's the deadline for former aide to turn over an alleged sex tape. senior investigative correspondent lisa myers joins me now. has he done it yet? is the plan that he will turn it over during a court hearing? >> well, as of a couple of hours ago the tape was in the sheriff's office in north carolina. and was going to be delivered to the court around 2:00 today w
with another day of testimony for fed chairman ben bernanke. he will be back on capitol hill today with the second part of his twice a comeer economic report card. on wednesday he made it clear that interest rates will remain at record low leferls for at least several more months to support the recovery. the latest housing numbers show how fragile the recovery is. new home sales fell in january. toyota has apologized for the company's recent safety lapses. they took full responsibility for the problems. and the auto maker announced it will offer free at home pickup of vehicles and provide free rental cars during repairs. chrysler is warning some mini van owners of a potential problem with crash sensors. the sensors in 2005 and six town & country and dodge kara vans can crack and fail. the gas guzzling brand hummer appears to be running on empty. general motors is shutting down the brand unless a last-minute buyer steps forward. gm said on wednesday that a deal to sell hummer fell through. the brand employees about 3,000 people in the u.s. movie theaters are bracing for a flood of 3
there. this has been telegraphed in the market, ben bernanke the head of the federal reserve signaled that rates would eventually have to go up, so why not begin with one of the more innocuous rarates? i'm not saying it's a big deal. in the economy we're having to see the federal reserve is taking the foot to brake here hiking a key interest rate. not the federal funds rate. overnight bank lending rate, that a lot of sus a lot of loans pegged to, but a rate some say in time, those rates will be effected. laffer joining me now, one -- art laffer joining me now. one of the premier economists for the last century, not because he paid me to say good things about his book "return to prosperity." a brilliant mind and another brilliant book, and art laffer, your brilliant take on rate hike? >> thank you very much. it's about time. the fed increased the monetary base enormally, 16, 17 months ago. we've been at a zero interest rate for a long, long time. >> neil: this is still low, three-quarters. >> it is. but time to look at inflation. year over year numbers, getting higher. it's baked in t
to believe the date when ben bernanke moves it off zero is getting closer. c i don't see anything in that data. we don't look like greece. we don't look like spain either. people are up because we have had good news. >> take note. the front end is being held by the fed at zero. and the concerns are starting to mount. what you're starting to see is the stheppening but the growth is not as strong as people indicated originally. >> that's not how i read the data. long-range dates went up today, the date that we are taping because the philly -- there was optimism not pessimism. >> we have 1.7 trillion in the market. interest rates do not go up, which i think is a totally unrealistic assumption over time based on the sides deficits that we're talkingng about. >> and banked on what bernanke -- >> we can debate how quickly and fast but here is the key. even if they don't go up, the single largest line item in the federal budget within 12 years will be interest on the federal debt. larger than defense. larger than medicare. larger than social security. what do weit get for that? nothing.
economic appointees, brank bren bernan bernanke, who was the chairman of economic advisers under bush, and henry paulson, a very decent guy, came to us, the democratic and republican leadership and said, we need to do this bill. otherwise you go back a step. on the tuesday of that week, mr. bernanke and mr. paulson came to us and informed us, didn't ask us, that they had decided to provide money to aig. that was a bush administration unilateral decision. they then came back two days later and said, would you vote on $700 billion? we said, well, here's what we'll do. because you've announced that the world will collapse if we don't do it. and i think they were right that there was terrible trouble. but when the two top presidential appointees come to tell you, if you don't do this publicly, there'll be a collapse, then there'll be a collapse, because confidence is so important. so we were the ones who insisted on putting some pay controls on there. you're going to have ken feinberg on later. we also said, no, you can't do the $700 billion all at once, you've got to do it in sections. i
'll see what fed chairman ben bernanke has to say on tuesday and wednesday. he may shed a little more light on what the fed's policy actions yesterday and what they may be in the coming weeks and months. >> alex, what do you expect next week from bernanke and what do you think the reaction will be? >> it's two different things. i expect him to do nothing. what i would hope he does is raise rates. in the energy market you have a complete disconnect between fundamentals and price. if you look at the amount of crude, heat and gasoline in storage, we're at absurdly high levels but the price is also ridiculous and it's ridiculous because the dollar is so weak. so unless he does something and does what he should do you'll have crude continue to just drag itself higher with a weakening dollar and that's an unfortunate thing because it really doesn't help anybody. >> where do you think, alex, prices are going to be at memorial day on oil? >> i think what's going to happen is that i'm tending to fight this. i think that they want to push it towards $80 but i think it runs out of gas around the
assurances by the federal bank. ben bernanke offered an up beat report on the nation's recovery yesterday. he told congress interest rates will remain low to encourage borrow ing. the dow rose 91 points after dropping more than 100 the day before. >> we have no idea which way the economy is going. bernanke has no idea which way the economy is going. >>> officials in florida are collecting eyewitness accounts in yesterday's deadly attack at seaworld, orlando, where an experienced trainer was killed by a 12,000-pound whale. the 40-year-old victim was snatched from the platform as the audience looked on in horror. witnesses say the killer whale thrashed her back and forth and dragged her under water. it's the third time this killer whale has been involved in a human death. >> the third time. a killer whale kills three times. the officials say they're not going to put the whale down wha killer whales do. >>> time to go to willie geist looking at what's going on in vancouver. willie? >> reporter: that's a terrible story, mika. let's move on to the olympics here. the hockey was the big story yester
an international from the goldman sachs was number one you need 100 calls to federal chair ben bernanke but then the next highest number of calls and that burger you need 103 -- to emineth named dan jester -- thank you, mr. chairman. may i ask what firm that he worked for -- >> he worked for goldman sachs. >> i will have additional questions with regard to you phoned and we will place that in the record. >> can i just say one thing in response to this? it's very important, congress and you were suggesting the people involved in this were not acting in the public interest and you were suggesting they were working for the private interest now the public interest and that is not true and i believe none of those individuals would be part of a decision like that and i think these people were people of enormous integrity and experience operating under exceptional circumstances with no precedent doing the best they could for what was in the public interest -- >> i must move, i must move. the gentleman from florida secretary geithner, win did aig if you could give the date when did aig call and
get it i want us to keep it and not lose it again. >> my name is bernanke. i almost feel that i asked for the microphone too soon begin issue answered the biggest concern that i have to rethink what happened in massachusetts needs to register with the republicans because they did not win this. the independents won it. i am from massachusetts originally and i know what drives that state and certainly is not republican policies. [laughter] i think it was a wonderful thing that happened and you put your finger on something come with the people in this country have said they're not happy with the democrats or republicans and if the republicans behave like the past the recent election means nothing prepare reading the "wall street journal" a few days ago there was an article that talked-about how the american people were disgusted with politics and the message i got out of that article said the republican party has an opportunity to rally around a central theme of term limits to get those people with professional politicians not interested in what happens to us the polygraph, bipartisanshi
votes. today, ben bernanke began his second term as chair of the u.s. federal reserve. ceremonial swearing in was held earlier in washington. glen b glenn beck returns in a moment but first, bret baier previewing "special report". >> bret: what really came out of the white house briefing over how the christmas day bomber was handled? and what is the national intelligence director saying about the process now? join me in 27 minutes for special report. now back to glenn beck. >> glenn: you know, i'm so tired of the so-called experts, because they haven't gotten on all of this. they're scoffing now at the idea that china is the next superpower. i think it's already happened. we better wake up. i trust the regular americans more than the so-called experts. your agenda is america. what is their agenda? i can't figure it out sometimes. 44% of americans now believe china is the leading economic power. what do the people know that the experts refuse to address? maybe experts don't know how to read. it just read the chinese government is cutting back on imports. i saw that and i went holy
are definitely rae reacting today to the fed's move to discount banks. ben bernanke hinted last week it was coming, but economists thought the fed would wait until next month's meeting to do so. they did it yesterday after the bell. the fed says this won't impact rates for consumers. that's a key point and that the key benchmark rate will still stay at historic lows for quite a while. but even so, asian markets fell overnight. europe also lower. but like i said, we've turned things around. we've gotten some other data and pieces of news today. consumer prices rose 0.2% last month while the core rate, that's the one that's figured without food and energy, fell 0.1%. retailer jcpenney earned 84 cents a share for its latest quarter. that's 2 cents above the street estimate. so things are looking a little better for retail than what we had thought. and toyota's president now says he will testify at a congressional hearing next week. and that the automaker's gas pedal and brake recalls. akio toyoda says he looks forward to speaking directly with congress and the american people. you remem
bernanke back for round two, and stephanie elam back. another rally today? >> sorry, kyra, i don't think we will get a repeat one. >> that was a sarcastic, laugh. hell no, kyra. >> yeah, pretty much. we will not see the same picture. but bernanke will deliver the same testimony today but this time before the senate banking committee. yesterday, investors were happy to hear they were going to keep key interest rates for a while longer. they raised the discount rate on what they charge to banks, and if that happened it could slow the recovery and it's a precarious time for the economy. investors jumped up and cheered ben bernanke after he said he was staying the course. and then the debt problems in greece may be getting worse. as i was saying, we are looking for triple digit losses out the gate. and that's what we have. the dow off 137 points. and so no, as i was saying, no, not another rally, at least not to start. >> gosh, okay. shut me down. thank you, steph. definitive. there we go. let's move on. >>> hummer goes the way of pontiac, and stud baker. the deal to sell the brand to a chinese
. bernanke will lay out a plan for credit tightening. another big headline, former merrill lynch chief john thain picked to lead cit. it brings together two prominent casualties of the credit crisis. >> "the washington post" after the massive snowstorm, they are ready to get hit again tomorrow. >> the snow at their home was up to their waist. >> your mom has an art exhibit here. what are they 82? >> 82 and 80. and they drove up. >> once you have to drive through nazi check posts to escape the country, it's nothing getting through jersey. >> i was worried, but they are just fine. she has a big opening tonight it will be fun. >> my art exhibit was there last week. >> it was? did you show your postcards? that's good. >>> michael lke allen has the m playbook. the joint summit on health care. i like the idea if you think it will give the idea of health care reform momentum. >> well, sure. i think people in both parties wonder why now? we said on this show, one of the easiest things for the president to have done was to call republicans, turn on c-span, msnbc and say what have you got? he is fina
for banks in the country. host: ben bernanke referred yesterday to short-term political liability for this. guest: i think he is absolutely correct. people tend, under these kinds of conditions, to one to blame someone. the problem with that is there are plenty of people to blame. we deregulated the industry. the congress deregulated the industry. there was a culture, if you will, of deregulation. and this encouraged some of what i call speculative activities that led to the bubbles and then the collapse. yes, you had this reaction. i think it is an overreaction, and the outcome would be -- as you try to blame someone you get worse outcomes rather than better outcomes, and i think that is what the chairman was trying to communicate. host: does the banking committee and the members, are they right to be angry at the fete at all? guest: if they're going to be angry, i think they have to be angry at everyone, including themselves. they allow these organizations to get bigger and more risk oriented. and yes, and regulatory agencies because of this culture -- the regulatory agencies because of
. there's been a huge decline in our confidence of the future, and ben bernanke has painted a grim picture of the economy for the rest of this year. you put it all together, you have a jobless and very weak economic recovery, bill. bill: here's what you guys talk about on the fox business network, and everybody, they write about it in the "wall street journal," about a double-dip recession. how do we know if that's true, if it's happening, or are the pieces adding up, like the jobs number today and the home sales number you talked about yet thato yesterday that came out for neb? >> we're all looking at future, what's the economy going to look like in six months. it looked like we were progressing nicely through 2010 with a solid rate of growth, now we're negative on how the company will perform in the summer and fall of this year. i don't say we're going to get a double-dip recession but we're not going to get the robust 3 percent and 4 percent growth people hope for. we might go up in the spring and then down a little bit as we get into the summer and fall. not good. bill: stu, thank you,
of these issues. by the way, ben bernanke's going to be up on capitol hill next week, i think, and he's going to talk about his so-called fed exit strategy. my gosh, will the fed exit in my lifetime? i'm kind of suspicious about that. you're watching the kudlow report. we'll be right back. i was just in town for a few days, and i was wondering if i could say hi to the doctor. is he in? he's in copenhagen. oh, well, that's nice. but you can still see him! you just said he was in... copenhagen. come on! that's pretty far. doc, look who's in town. ellen! copenhagen? cool, right? vacation. but still seeing patients. oh. [ whispering ] workaholic. i heard that. she said it. i... [ female announcer ] the new office. see it. live it. share it. on the human network. cisco. >>> all right. how now dow jones? we're talking stocks here. the averages turned around at the end of the day and finished with a small positive. off about .5% for the week, off about 7% in the so-called correction since mid-january. we're having liz ann sanders. number one the dollar, number two, gold, number three, commodities. >
bernanke. t.a.r.p. was supposed to be used to counter the mortgage crisis, not to bail out the big banks. do you believe mccain was misled? >> no, i don't, monica. the night before on nbc nightly news, you may remember john yang had a record that feerchbd john mccain saying because of his experience, he was best equipped to rhett republic arizona. now, in western inventory knack ewe lar, this ain't john's first rodeo. when he suspended his campaign to go back to washington to sit face-to-face with those decisionmakers, now a couple years later, he's telling us he was misled? i have to tell you, this is isn't revision of history. that sounds more like john kerry in 2004 than the john mccain i used to work with. >> and the mccain camp is attacking your spending record. they have a radio ad saying you talk like a conservative, but you spend like a liberal. they're citing your vote for the bridge to nowhere. you supported the 2003 medicare prescription drug benefit. what do you think of those ads? what do you think of those allegations? >> well, first of all, with all due respect, i understa
to think about the exit strategy. ben bernanke next week may have to tell us, again that they're going to have to pay reserves -- that they have to pay interest on bank reserves. not only are good things happening to the u.s. dollar from this hokiness from the u.s. but also as you said that next week was going to happen from greece. all of this talk about greece and no solution that means that the ecb has to stay where it is in terms of this liquidity. and then you've got the chinese, where they have to tighten interest rates and make things more tighter. that is not good for commodities and it's good for the u.s. dollar. and there was a lot of talk about the yield curves. don't only look at the long end of the curve. don't only look at the short end of the curve. look at things, like the ten minus the two. the yield spread. and once the spread begins to flatten and starts to turn down a little bit, that has always been for the dollar. >> all right, so you're going to be buying dollars even at this level, then, even though we have seen this move, a said that the commodities could be po
chairman bernanke's confirmation was in doubt. all of a sudden they dialed it back. this budget is part of that dialing back. >> let's talk about that, andrew. the financial responsibility fee, better known as the bank tax, is in the budget. what kind of details are in it? because jaret says the language has been pared down quite a bit. >> people were selling into any financial strength across the board. you have volcker testifying tomorrow. although jaret brings up good points, the reality of this is that the risk is not in the budget. the risk is with the next announcement from volcker. or the treasury department and bank of america signing on to this second lien modification program which they did last week. that's where the real worry of wall street is. and you saw energy hold up today. you saw health care sell off for about an hour after the budget came out. and then it recovered to about flat as i was leaving the office. but across the board today, long and short, i mean, we were seeing sellers of financial stocks into strength. >> what about, andrew, when you look at the other ta
and for the communities of america. host: ben bernanke cautioned senators not to curtail the fed's banking oversight, referring to short-term political liability for this. guest: i think he is absolutely correct. people tend, under these kinds of conditions, to want to blame someone. the problem with that is there are plenty of people to blame. we deregulated the industry. congress deregulated the industry. there was a culture, if you will, of deregulation, and this encouraged some speculative activities that led to the bubbles and then the collapse. yes, you have this reaction. i think it is an overreaction. i think the outcome would be -- as you try to blame someone, you get worse outcomes instead of better outcomes. i think that is what the chairman was communicating. it is certainly my message. host: senate banking committee -- are the right to be angry at the fed at all? guest: if they are going to be angry, they have to be angry at everyone, including themselves. they asked to eliminate glass-segall, which allowed these agencies to get better. the regulation backed off, if you will. in that ki
velshi later today. >> a lot of great stuff. >> ben bernanke will testify on the hill today. >> we'll get his prescription or a forecast on what will happen with the overall economy. a lot of questions. when will this economy be back to normal and what is normal? that means your job, home and bank. let's take a look at where we stand. the national association of business economics predicts job growth is on its way, forecasting 140,000 jobs per month will be added in 2010. in the new normal, no thing is ever as it seems. yesterday we found out mass layoffs rose last month for the first time since august. more than 180,000 folks fell victim to mass layoffs in january. we saw consumer confidence tumble. consumers are still very nervous. how about your house? your biggest asset most likely or what was once your biggest asset. one out of every four mortgages is under water. it means you owe more than the house is worth. foreclosure will continue. speaking of lenders, banks still in trouble. one out of 11 banks is at risk of going under. that's the problem bank lift, 140 banks were shut down la
left the u.s. >>> ben bernanke has been sworn in for a second term as chairman of the federal reserve. bernanke vowed to preserve the fed's independence, despite a move in congress to tighten control over the central bank. >>> and preparing for a snowy weekend from 1 inch in new york to almost 2 feet in baltimore. meteorologist rob marciano tracking this massive winter storm. what's going on. feast appetizer. [dinner bell chimes] high quality ingredients like wild alaskan salmon in a delicate broth, without by-products or fillers. fancy feast appetizers. celebrate the moment. in the north of england to my new job at the refinery in the south. i'll never forget. it used one tank of petrol and i had to refill it twice with oil. a new car today has 95% lower emissions than in 1970. exxonmobil is working to improve cars, liners of tires, plastics which are lighter and advanced hydrogen technologies that could increase fuel efficiency by up to 80%. >[t:p][n:e plastics which are lighter and advanced hydrogen technologies announcer: the smallest moments can have the biggest impact on a child
bernanke is concerned about the nation's economic recovery. during the ceremonial swearing in for his second term, bernanke told staffers that despite a growing economy, far too many people remain unemployed. he also talked about the challenges facing the fed, which include protecting its independence from congress and making the institution more open and accountable. >>> president obama's aunt is preparing to make her second bid for political asylum. she'll go before an immigration judge if boston after defying a deportation order in 2004. she's expected to argue that ties to the president could make her a political target if she returns to kenya. her status was revealed shortly before president obama was elected in 2008. >>> and while many of you are gearing up for this sunday's super bowl, some in the nfl are worried that the game's days could be numbered. the players association fears owners will impose a work stoppage after the current collective bargaining agreement expires and they're taking their caught to capitol hill. the league says a new collective bargaining agreement wil
her terribly. >> some of the stories this morning at 10:00 a.m., ben bernanke is on capitol hill. all ears will listen to his take on job creation. this afternoon, the president will make his case for creating more jobs. it's going to happen at the business round table. >>> this afternoon in vancouver, fresh off the upset of team canada, the u.s. men's hockey team takes on switzerland. >> usa! usa! >> something tells me you are watching. >>> a star sentenced to five years in prison for shooting his limmo driver. it's been years coming. >> eight years in the running. this is a guy who literally had it all at one point. an nba all-star. one of the richest contracts in the league. prosecutors say he was playing with a shotgun, shot his driver, tried to cover it up. yesterday, a new jersey judge sentenced him to five years in prison. afterwards, he said he was sorry. >> i sincerely apologize for my actions that caused his death. i pray that today brings you some comfort. my children, you deserve a better father. son, brothers than i have been. >> he was apologizing to his victims there. h
the federal reserve to take the lead on this. citing mr. bernanke does not want to step up and -- i think mr. bernanke, unfortunately, does not want to step up and take responsibility. i think the administration put a good deal of capital to work to make sure that he stayed on as chairman of the fed. but honestly, it would require presidential leadership at this point. we see encouraging signs, but also discouraging signs. the president said nice things about big bankers and their compensation just last week. you have to ask the white house where we are on this issue. host: simon johnson is the author of an upcoming book, "13 bankers." when will this come out? guest: when wilthe end of march. i do not think this problem is going to go away anytime soon. host: wyoming, republican line. caller: i would just like to say a few things and please do not cut us off because we do not get a chance to get in as many times as the democrats and the independent line. i'm a conservative woman of color. i notice every time on c-span and i get to be disappointed. and i will get to my question. i notice a ta
. jon: "happening now" in the top box. ben bernanke on the hill right now expressing confidence the economic recovery will endure. but he stresses the importance of keeping interest rates at record lows. knowledge crews meeting a jetblue in fort lauderdale. someone onboard was injured when the flight hit turbulence. in the bottom box the world health organization says the h1n1 flu outbreak has been less severe than expected. the group will review the status of the pandemic to decide fit has peaked. jane: this is a story that will interest you and may outrage. a convicted rapist has been charged in a horrifying new attack. prosecutors say william french sexually assaulted a woman twice in her home in the boston area. in between the two attacks he cut off a gps device he was wearing because he violated his probation. why after violating his probation was he allowed to remain free and just have a gps on him? you said this is not necessarily surprising, this case. >> unfortunately we have seen more of these kinds of cases. it shows a failure in the system. why aren't the level 3 sex
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in place. we had hank, ben bernanke tim geithner and sheila bair the head of the fdic. i know a lot of people in finance and a lot of people in business and government. and i can't think of for that would have done a better job of getting us through that. now it's kind of fashionable to look back and pick at one aspect or another of what was happening and our country's financial system froze up during that period. some of you in this room were at a party i was at in september of 2008, one to talk was the money market funds saved. if we have 3.5 trillion fun missile by 30 million people who on is and they might are worrying about whether they can get their money that was half of all the process held by u.s. banks at the time you have a panic. you had commercial paper frees up entirely in the biggest companies of the united states and some are described in this book that worried whether they were going to meet their payroll and a short period of time to read the sixth largest bank in the country in terms of the domestic deposits, washington mutual failed over a weekend. you had the th
closed yesterday. investors did have time to digest the news. the chairman of the fed ben bernanke basically telegraphed all this. he said that he was going to essentially be pushing up rates, tightening policy last week when he spoke before congress. analysts say the increase in the increase rate indicates that the fed is winding down a series of extraordinary programs it put in place to ease the economic crisis. so, in other words, the crisis is over. the rate increase is not going to directly affect borrowing costs for consumers and most businesses, but, as you see, it's putting the stock market under a little bit of pressure. right now we've got the dow off a little more than 27 points. also under pressure, shares of dell, the computer giant, reported disappointing fourth quarter earnings. sales rose during the holiday season, but those sales were cropped up by steep discounts that did cut into the company's bottom line. finally, well, the saints came marching in to the nyse this morning. three members of the super bowl champion new orlean saints rang that opening bell, looks l
decades. he made money too cheap. a lot of people want to put bernanke on mt. rushmore because he's making money cheap and guiding us through this crisis. >> it does raise us to this issue. rates were so low under alan greenspan was part of the problem and then we had this giant bubble and the bubble burst. instead of letting the bubble go back to flat we've been huffing and puffing by printing more money and trying to help everybody and make it easier to try to keep it inflated a little bit. it has so many holes in it will go down here at some point. >> you're right. all right. international superstar erin burnett. how many points exactly is the market going to go up m. >> i hate this. >> we'll see if it turns around by the end of the day. we'll have a lower open. i'll make it up. up plus 30. >> wrong. up 72. erin burnett, thank you. >> have a good weekend, guys. >> that's all i got. thank you for being with us, erin. that $100 that you have, it's worth about $72 now. >> mika stole it back. typical democrat taking your money. >> she's liberal. all right. coming up, new overnight developme
's news, chairman of the federal reserve, ben bernanke, says there is a risk for high interest rates and high inflation. borrowing from china and buying huge amounts of oil from opec and we have to realize we have a mess in our hands but there is a solution. we can create jobs and grow our economy without raising taxes. it's a bipartisan american conservation and clean energy independence act, h.r. 2227. this bill uses the trillions of dollars from oil and gas exploration off or coasts, drive conservation and new technologies to improve energy efficiency, develop clean energy generation and infrastructure, rebuild america's independent transportation system and clean our air and water. and not only will we create a clean energy future but create good-paying jobs for years to come. the news tells us how they are but that's not how it has to be. join me in supporting the clean energy and conservation act. i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman rise? >> to address the house for one minute and to revis
and country and dodge grand caravan vehicles. >>> well, fed chairman ben bernanke told congress wednesday that interest rates will remain low to support continued economic growth. >>> and the house is now set to vote on a jobs bill after the full senate passed the $15 billion measure on wednesday. >>> and just today after being released from a washington, d.c., hospital after suffering a heart attack, former vice president dick cheney is having coffee today with his former boss, president george w. bush. it is the first time the two have seen each other since they left office. >>> and a close call this week for an officer in michigan who was on the side of the road with a driver when another car came barreling towards him. he managed to jump to avoid being pinned, and amazingly, suffered only minor injuries. it is 7:15. let's head back now to matt, meredith, ann and al. >> things will be fairly quiet for the rest of the day. a little coating of snow in some areas lost i did not just off and on a snow showers and flurries. of the west as cloudy and >>> and that's your latest weather. matt?
bernanke is not sitting next to me but yesterday, he delivered grim news about the nation's unemployment to congress. and our old buddy stuart varney is joining us right now. watched his testimony. it was scary when he was talking about the debt we're running up. but also the fact that unemployment is going to remain high for a while. >> if you listened carefully it was a pretty grim outlook for the u.s. economy. >> it was. >> he spelled it out. this is a very weak recovery and a jobless recovery to boot. you won't get back down to even 7 1/2% unemployment for a couple of years. the end of 2012. a jobless, weak recovery. not good. >> he's not raising interest rates. and that made -- >> the stock market looks to lower interest rates. that's basically it. if you keep interest rates way, way down, markets love it. >> what that said to me when he made the comments is people sitting in the obama administration will say well, that's our green light for more stimulus plan. > >> well, it's also a signal that the first stimulus plan all $862 billion worth of it did not work as advertised. proof
release the minutes of their meetings. mr. bernanke does testify regularly on capitol hill, explaining what he is doing. and why he is affecting monetary policy the way he is. some have suggested such as milton friedman once, that we could replace the federal reserve with a computer that would determine money supply and interest rates by a basic formula. perhaps that would be better than the usual way we have done in the past. i think the federal reserve policy, you know, can be subject to certain criticism. i'm not sure how it would work to eliminate the federal reserve, but i think there is legitimate disagreement on the way that they've had with the recession. and i think that disagreement is there. las. . 650 employees at the spa at the cost of $100,000 for three days for each employee. was a cost comparison done to justify such a cost? how was that chosen at the venue? what happened there? >> in that particular case there was a cost comparison and there were quotes from several vendors. one the challenges is finding a venue for that many people. it is the high cost. it is the annu
. host: a couple other items, business section of "new york times," that ben bernanke has survived a challenge to his second term as chairman, and faces the delicate task of beginning to pull the central bank out of its extraordinary situation. guest: the economy through the fall of 2008 and through last year, in an effort to help banks and credit markets and to prevent the financial system from imploding. they did that by lower the interest rates, and now they have to pull that back. they have to pull the federal reserves investments in the economy back. and they have to do that carefully because they don't want to cause problems in doing so, which is something that could happen. it will be delicate. markets are watching when this will happen. if he doesn't do it right, you will see plunges in stock values. host: what is the update? guest: last week senate dodd announced he was at an impasse with senator shelby, and it's not a good sign. there are some republicans who said they were committed to get a bill. one thing to watch is bob corker, a new senator from tennessee, he's worki
pledged in december make up half of the number needed for the training effort. ben bernanke, the chairman for the federal reserve goes to capitol hill this morning. lawmakers will question him on what he can or will the to ease the jobs crisis and make sure the economic crisis -- economic recovery lasts. you can hear the first hour on c-span radio. there is a new study showing hispanics at high-level staff positions in capitol hill are almost nonexistent. this is in spite of the fact that they make up nearly 1/6 of the u.s. population. a of a hundred senate chief of staff, only one is hispanic. there is no hispanic legislative directives -- directors and only one hispanic staff director. hispanics only hold 12 of the roughly for a 40 chief of staff jobs and only nine legislative director slots. -- 140 chief of staff jobs and only nine legislative director slots. some say that is an outrage. the european union wants to halt all executions by 2015 as a step towards abolishing the death penalty. the prime minister did not know how the eu would persuade countries like the united states, china
professor and no stranger to the audience at c-span2, douglas bernanke -- douglas brinkley. thank you for joining us this morning. guest: good morning. thanks for having me. host: if president stay were a holiday celebrating just one president, it there or one president to honor, who would it be for you and why? guest: i think the original, george washington. remember presidents day began as washington's birthday in 1880 and subsequently evolved, 1971 was started getting this concept of presidents day morphing of washington and lincoln's birthday and then the idea of just celebrating the institute of the president and having school children learn each president and what they look like and memorize the names. but washington is, in my view, the person we need to be celebrating on presidents' day. he did something very extraordinary as our first president, he stepped down. he showed you could relinquish power. that we were not going to become a market. he could have stayed in for life terms because he was that popular but i think it was the beginning of the tradition -- of the presence i
of making decisions on interest rates. mr. bernanke does testify regularly on capitol hill explaining what he is doing, and why he is affecting monetary policy the way he is. some, like milton friedman, have suggested that we could replace federal reserve with a computer that could determine these interest-rate formulas. perhaps that would be better. federal reserve policy can be subject to certain criticism. i do not hoknow how we would do this. there is disagreement on the way they have handled the recession, and that is fair. host: another tweet -- guest: $3 trillion of the deficit? over the next 10 years, if we expended all the tax cuts, for everyone, that would be about $3 trillion. the deficit is much bigger than that. the base line is $11 trillion. if you got rid of all the tax cuts, we would still have and $8 trillion deficit over the next 10 years. president obama is not talking about doing that. only for those making more than $250,000 a year. that is only 1/5 of the tax cuts. if you want to get rid of "tax cuts for the rich" it is over $16 billion from a deficit of $11 trillion.
. the ayes have it. the motion is agreed to. accordingly the house stands >> ben bernanke testifies about the economy and monetary policy. now, secretary lahood. this part of the hearing is 50 minutes. >> let me just raise a couple of questions with you very quickly. the committee has reviewed thousands of complaints regarding sudden acceleration in the toyota vehicles. before the crash thatñossÑçkçñar membersÑiñr of at( family in aut "tsjutÑ. ñrmy questionÑi is, why did it e jjtxdñrÑi to act? &Ñignz+:çóx@%ylñx].sÑiñr why did it take them so long to act? >> mr. chairman, i would say this. i have been in the job more than a year. prior to my time which would have been prior to january 23rd of '09, if there issues i can't answer, i will get back to you for the record. i will tell you this, 30,000 complaints come to nh tsa every year and we look at every one of them. we think every one is important. some come from people who are driving cars and some come from the industry. we look at what's going on from stakeholders and people in the automobile business. sometimes they f
to the audience at c-span2, douglas bernanke -- douglas brinkley. thank you for joining us this morning. guest: good morning. thanks for having me. host: if president stay were a holiday celebrating just one president, it there or one president to honor, who would it be for you and why? guest: i think the original, george washington. remember presidents day began as washington's birthday in 1880 and subsequently evolved, 1971 was started getting this concept of presidents day morphing of washington and lincoln's birthday and then the idea of just celebrating the institute of the president and having school children learn each president and what they look like and memorize the names. but washington is, in my view, the person we need to be celebrating on presidents' day. he did something very extraordinary as our first president, he stepped down. he showed you could relinquish power. that we were not going to become a market. he could have stayed in for life terms because he was that popular but i think it was the beginning of the tradition -- of the presence in beginning with washington. and ou
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